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Buyers developing plans for 23rd and Clifton site near Project C.U.R.E. warehouse

A 10-acre property half a block off Charlotte Avenue has changed hands for $3.86 million, netting the sellers who bought it only a year ago a nearly 300 percent gain.

The new owners have land-use planning underway for the site, which is located next to a warehouse building at 2300 Clifton Ave. that's largely occupied by nonprofit organization Project C.U.R.E.

"The size and location lend itself to multiple uses," said Richard Bacon, chief manager of Nashville-based investor Cottage Partners LLC, which bought the site in part with out-of-town money. "It's 10 acres of undeveloped land in the urban core, which is just a magnificent piece of property."

In November 2015, selling local investors McClain Towery, Land Deleot, Johnson Phillips and R. Eric Thornton paid only $975,000 for the land. They pitched the site for a future office development before Cottage Partners offered $3.86 million.

The 10-acre tract at 22nd, 23rd and Clifton avenues is near a Charlotte Avenue corridor that's seeing more real estate investment and redevelopment activity.

For instance, counseling and community-based social services provider Family & Children’s Service plans to remodel a vacant warehouse it bought at 2400 Clifton Ave. into its new headquarters. Cancer-care practice Tennessee Oncology was looking to relocate certain operations, including its pathology and central labs and oral pharmacy, to 2108 Charlotte Ave.

Elsewhere in Nashville, Cottage Partners has bought and sold properties around Historic Buena Vista in North Nashville. Towery and his partners have invested in real estate around the Gulch, Music Row and other areas. In summer 2015, he, Deleot and Johnson paid $675,000 for roughly 0.43 acres that includes 3216, 3218 and 3220 Charlotte.